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Thread: City Plaza En Bloc

  1. #11
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    Jul 2010
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    Will all these developments have spill over effects to bring about price increase in eunos and kembangan areas.?

  2. #12

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    Quote Originally Posted by propertychap View Post
    Will all these developments have spill over effects to bring about price increase in eunos and kembangan areas.?
    If you are one mrt stop away from PLQ, I'm sure there will be some effect on prices. Key question is how much and when which I cannot answer. It all depends on the tenants of PLQ and the success of the overall PLC proposition.

    RCR is different from OCR but microlocation counts more each increasing day.

    2 cents,
    PropVestor

  3. #13

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    The transformation of PL includes the Geylang Serai area so it's likely it will spillover. When the Eunosville site is redeveloped we should see this translate into higher prices for the area. As for CP , developers should find the site attractive as it being a Commercial site they have options. I get what you mean. The Lion City site was also zoned commercial( blue site) and UOL decided to do a mixed development.AXA Tower is up for sale. Of course it's Shenton Way location is superior to CP's but it's LH with 31 years gone. They are asking for above valuation. It would be interesting to see how that goes.

    http://www.businesstimes.com.sg/comp...ess-than-s165b

  4. #14
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    Jul 2010
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    366

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    I quite like the kembangan area near the mrt which is not so dense and quiet. The price of the condo there has not moved much. Any one has views on whether it is good to pick up a unit in the older development like kembangan plaza..?

  5. #15

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    Quote Originally Posted by propertychap View Post
    I quite like the kembangan area near the mrt which is not so dense and quiet. The price of the condo there has not moved much. Any one has views on whether it is good to pick up a unit in the older development like kembangan plaza..?
    Kembangan area is like a little Malay village with many middle class living there and with plenty of Muslim food stalls. If you like to embrace the Malay's culture, this is a good place to stay.

  6. #16
    Join Date
    Aug 2009
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    3,913

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    Quote Originally Posted by propertychap View Post
    I quite like the kembangan area near the mrt which is not so dense and quiet. The price of the condo there has not moved much. Any one has views on whether it is good to pick up a unit in the older development like kembangan plaza..?
    Avoid Kembangan Plaza, the noise from the road and MRT can kill

  7. #17

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    Quote Originally Posted by Laguna View Post
    Avoid Kembangan Plaza, the noise from the road and MRT can kill
    agree, unless proximity to MRT is a primary overriding concern, i'd skip that area and go a bit further cos teluk kurau is a lot more pleasant and quiet.

  8. #18

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    Quote Originally Posted by propertychap View Post
    I quite like the kembangan area near the mrt which is not so dense and quiet. The price of the condo there has not moved much. Any one has views on whether it is good to pick up a unit in the older development like kembangan plaza..?
    My 2 cents advice is to stick with proxy D15 circa the Haig Road area which is still quite close to all the action around PL. I think the prices there have not really moved much and will enjoy the same 'spill over' effect described by you. Having peace and quiet in a built up area near to an MRT Exchange (2 or more lines) is a fallacy.

    D15 still reigns as the highest number of transactions in Singapore and according to Property Guru poll, it is still number one in terms of desirability for the PG poll.

    Why not wait till PPR phase II launch? God knows when they will finally open their showflat again but likely to be till 2018 when the offices and retail mall structures facade are up. PPR will have underground substation access in future which is written by Landlease S&P agreement, not sure that will tickle you?

    PropVestor

  9. #19

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    City Plaza unit owners looking to sell en bloc

    JUL 27, 2017

    They will meet on Saturday to discuss possible collective sale, with asking price of up to $1 billion

    Lee Xin En


    Collective sales fever is spilling into the commercial sector as many City Plaza unit owners prepare for their first annual general meeting in years on Saturday, to discuss a sale with a possible price tag of as high as $1 billion.

    The 18-storey freehold building near Paya Lebar MRT station was completed in 1972 and is known for its wholesale shops, which mainly sell apparel.

    The building has 531 units, including 66 residential units, according to Mr Derrick Chan, a City Plaza unit owner who called for the meeting.

    Mr Chan told The Straits Times yesterday that he did so as "it is the right time now".

    He said: "There is en bloc fever now and Paya Lebar is developing into a business centre. The building is over 40 years old. If we do not go en bloc now, the cost of maintenance will be extremely high."

    Mr Chan, a businessman who owns six units at City Plaza totalling 5,400 sq ft, said most of his units were tenanted, but he did not think that the "trend of wholesale clothing is in our favour".

    "Retail sales are suffering, and wholesale retail is being taken over by (Chinese online site) Taobao. It is not economical to have a shop space and rental is very low."

    Mr Chan added that unit owners are eyeing a sale price of between $800 million and $1 billion. More than 100 people are expected at the meeting. He hopes a collective sales committee can then be formed.

    More than half of the unit owners he has spoken to have expressed interest in a collective sale, he said.

    One of them, Mr James Tan, said rentals have been falling. He bought his 20 sq m unit in the early 1990s and collected a monthly rental of about $1,200. At the peak, he was getting $1,800 but lately, tenants have been seeking rentals of $1,000 to $1,200.

    "Rental rates today are going back to those of the 1990s," he said, adding that even if he were to sell the unit, he did not know if the buyer could get a rental rate that would cover the instalment.

    Dr Lee Nai Jia, head of research at Edmund Tie and Company, said that interest in collective sales of residential properties has spilt into the commercial sector, citing the successful collective sale of Citimac. The freehold industrial complex near Tai Seng MRT station is reportedly being sold for $430.1 million.

    Dr Lee noted that Katong Shopping Centre also launched a collective sales bid earlier this year, but did not manage to meet its reserve price of $630 million.

    "The Paya Lebar area is likely to become a new growth cluster, with Paya Lebar Quarter catalysing the development of the area. Hence, there will be keen interest for City Plaza," he said.

    However, he noted that the asking price range of $800 million to $1 billion is "on the high side", as developers have other viable options.

  10. #20

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    http://www.straitstimes.com/business...t-to-cost-560m

    Hallmarks of turning a blue commercial site to something more exciting. We got to move with the times.

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